Fortinet Inc (NASDAQ:FTNT) Director Christopher B. Paisley sold 4,000 shares of the firm’s stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $46.71, for a total transaction of $186,840.00. Following the completion of the sale, the director now directly owns 72,937 shares of the company’s stock, valued at approximately $3,406,887.27. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Shares of Fortinet Inc (NASDAQ FTNT) traded down $0.06 during mid-day trading on Monday, reaching $46.48. 2,681,208 shares of the company traded hands, compared to its average volume of 1,984,817. The stock has a market capitalization of $8,080.00, a price-to-earnings ratio of 273.41, a price-to-earnings-growth ratio of 3.77 and a beta of 0.86. Fortinet Inc has a 12 month low of $35.44 and a 12 month high of $47.20.

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Fortinet (NASDAQ:FTNT) last issued its quarterly earnings data on Monday, February 5th. The software maker reported $0.32 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.29 by $0.03. The company had revenue of $416.70 million for the quarter, compared to analyst estimates of $409.04 million. Fortinet had a net margin of 2.10% and a return on equity of 11.77%. Fortinet’s revenue was up 14.9% compared to the same quarter last year. During the same period last year, the company posted $0.30 earnings per share. equities research analysts forecast that Fortinet Inc will post 0.74 EPS for the current fiscal year.

Fortinet declared that its Board of Directors has initiated a stock buyback plan on Thursday, October 26th that allows the company to buyback $400.00 million in outstanding shares. This buyback authorization allows the software maker to purchase shares of its stock through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Several analysts have issued reports on the stock. Credit Suisse Group raised their price objective on shares of Fortinet from $33.00 to $37.00 and gave the stock an “underperform” rating in a research note on Tuesday, February 6th. Evercore ISI set a $42.00 target price on shares of Fortinet and gave the stock a “hold” rating in a research report on Monday, February 5th. Robert W. Baird reaffirmed a “buy” rating and set a $56.00 target price on shares of Fortinet in a research report on Tuesday, February 6th. BMO Capital Markets raised their target price on shares of Fortinet from $45.00 to $50.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 6th. Finally, Barclays raised their target price on shares of Fortinet from $48.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 6th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $47.33.

A number of hedge funds have recently modified their holdings of the stock. State Street Corp increased its holdings in Fortinet by 3.0% during the second quarter. State Street Corp now owns 4,581,467 shares of the software maker’s stock valued at $171,534,000 after buying an additional 132,054 shares during the period. Ameriprise Financial Inc. increased its holdings in Fortinet by 7.0% during the third quarter. Ameriprise Financial Inc. now owns 4,400,011 shares of the software maker’s stock valued at $157,693,000 after buying an additional 288,097 shares during the period. Bank of New York Mellon Corp increased its holdings in Fortinet by 8.6% during the third quarter. Bank of New York Mellon Corp now owns 3,752,012 shares of the software maker’s stock valued at $134,472,000 after buying an additional 296,648 shares during the period. Pictet Asset Management Ltd. increased its holdings in Fortinet by 20.8% during the third quarter. Pictet Asset Management Ltd. now owns 1,795,700 shares of the software maker’s stock valued at $64,358,000 after buying an additional 309,000 shares during the period. Finally, Global Thematic Partners LLC increased its holdings in Fortinet by 16.9% during the fourth quarter. Global Thematic Partners LLC now owns 1,379,731 shares of the software maker’s stock valued at $60,280,000 after buying an additional 199,227 shares during the period. 70.68% of the stock is currently owned by institutional investors.

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Fortinet Company Profile

Fortinet, Inc is a network security company. The Company provides cyber security solutions to a range of enterprises, service providers and government organizations across the world. Its network security solution consists of FortiGate physical, virtual machine and cloud platforms, which provide integrated security and networking functions to protect data, applications and users from network-and content-level security threats.